Offshore staff
EDINBURGH, UK — Capricorn Energy and Israeli E&P company NewMed Energy propose to merge, creating a new company with a focus on the Middle East North Africa (MENA) region.
NewMed's sole producing asset is a 45% stake in the Chevron-operated Leviathan gas field offshore Israel. It also has 30% of the Aphrodite gas discovery offshore southern Cyprus.
Growth opportunities include the Leviathan Phase 1B and Aphrodite developments. Cairn brings E&P interest in Egypt, Mauritania, Mexico, Morocco, Suriname and the UK.
The combined 2P + 2C reserves and resources would be about 11.8 Tcf with 690 MMcf/d of net working interest production, potentially climbing to more than 1.2 Bcf/d by 2030.
Delek Group, as the largest unitholder of NewMed, along with its concert parties, would hold about 48% of the shares of the combined group.
In February of this year, Delek Drillling’s board renamed the company NewMed Energy1 to better reflect its strategy going forward.
Tullow Oil, which had proposed a merger with Capricorn earlier this year, has now dropped its offer.
09.30.2022
